The Halifax real estate market continues to evolve, and January 2025 brought some interesting trends that buyers and sellers should take note of. Here’s a breakdown of the latest market stats for Halifax and the surrounding areas of HRM.
Market Overview
Number of Sales: 5,206
Average Days on Market (DOM): 34
Total Active Listings: 731
Average Sale Price: $576,648
Market Trends Compared to Previous Years
Looking at the past few years, Halifax's real estate market has seen significant changes:
In 2024, there were 4,830 sales, with an average price of $551,673 and homes selling in 29 days on average.
In 2023, the market was even more active, with 5,454 sales, a lower average price of $534,714, and homes selling much faster in 19 days.
In 2022, sales volume was much higher at 7,305, but the average price was significantly lower at $464,932, with homes selling in 21 days on average.
Key Takeaways for Buyers and Sellers
Prices Are Rising: The average sale price in January 2025 saw a noticeable increase compared to previous years, reflecting strong demand in the market.
Homes Are Taking Longer to Sell: With an average of 34 days on the market, properties are staying listed longer compared to 2023 and 2024.
Lower Inventory: With only 731 active listings, competition remains strong among buyers, potentially leading to multiple-offer situations for well-priced homes.
What This Means for You
For Buyers: If you’re looking to purchase a home in HRM, expect higher prices and more competition. Working with an experienced real estate professional will be crucial to securing the right property at the best price.
For Sellers: Rising home values and limited inventory put sellers in a strong position, but pricing and marketing your home correctly will still be key to attracting buyers in a market where homes are taking longer to sell.
Ready to Make Your Move?
Whether you’re buying, selling, or just exploring your options, Nouveau Realty Group is here to help. Our team of experienced professionals knows the Halifax market inside and out and can guide you through every step of the process.
Contact Nouveau Realty Group today, your one-stop real estate source in Halifax!